Bitcoin shows signs of a massive Bull Run, but a crucial hurdle is

The meteoric rise of Bitcoin in recent days and weeks has made it possible for the crypto-currency, multiple resistance levels to break through, which have previously impeded by a rising price action and yesterday’s break above $8,000 and led to euphoria amongst the bulls.
Analysts have noted that Bitcoin could currently be in the early stages of the next major bull run occurred, but it is important to note that the way how it reacts to this key price level, which could be the only factor that confirms this is incredibly bullish possibility or ruled out.

Bitcoin is hovering around an important support level, while analysts pay attention to the increased volatility

At the time of writing, Bitcoin is at $7.950, which stands a strong decrease of the daily maximum of nearly $8,400 thousand marks, which were achieved at the peak of the recent rally is.
It seems that Bitcoin might be in the near future on the verge of falling below its important support of $8,000, though each slight decline was absorbed below this level in the last couple of hours of fast by the buyers.
HornHairs, a popular crypto-Analyst at Twitter, explained in a recent Tweet that he was watching exactly how BTC reacts to the 8,000 dollars, to see in which direction it will go next is because this could be the decisive factor in determining whether this recent recovery marks a long-term trend or not.

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Keep over $8,000 could confirm that the next major bull market

Peter Brandt, one of the most well-known crypto-analysts, recently spoke in a Tweet on Bitcoin and said that BTC is currently trying, through the upper limit of a multi-year down-channel break out, but the bulls need to continue to receive their buying pressure, so that this is confirmed and BTC in the early stages of the next bull market occurs.
Its main focus is also at the descending channel, and whether Bitcoin can now increase significantly. He is also of the opinion that it is important that there is enough “crypto-fans” have left since December of 2017, the market, because then you can talk of a new bull market.

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The next few hours may be able to shed light on the validity of this upcoming channel outbreak, there’s a burglary under $8,000 could trigger a larger sell-off of Bitcoin again in a retrograde Phase brings.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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